Sunon Asogli’s 560MW power facility is back in service after government intervention.
After intervention by Energy Minister Herbert Krapa and Finance Minister Mohammed Amin Adam, Sunon Asogli Power (Ghana) Limited has reopened its 560MW power plant.
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Due to the Electricity Company of Ghana’s (ECG) inability to make past-due payments, the power plant was shut down in October 2024, making it impossible for Sunon Asogli to continue operating.
As of September 2024, the firm reported that ECG owed it $259 million in net receivables (fuel excluded).
Sunon Asogli disclosed that, even though ECG does not bill for idle capacity, the debt increased by 23% between January and September 2024, with only 22.6% of invoices paid using the Cash Waterfall Mechanism during that time.
“We have submitted our final version of the Restructuring Terms Sheet to the Ministry of Finance and ECG in August for finalisation and signing soon,” the firm stated in a statement released on Monday. We are positive that a win-win solution will be found that would guarantee Ghana’s energy’s stability and dependability.
“We hope that the ECG can diligently fulfil their financial obligations in the PPA and uphold the spirit of the contract.”
Vice President Dr. Mahamudu Bawumia’s help in securing the payment was praised by Sunon.
It is anticipated that the restart will stabilise the electricity supply and allay worries about the energy sector’s financial viability in Ghana.
